Black-owned businesses in the U.S. have grown significantly, increasing from 124,000 in 2017 to nearly 195,000 in 2022. Their revenue rose 66% to $211.8 billion, yet they still represent only 3% of all firms and 1% of total business revenue. Most operate in health care, professional services, and transportation.
The majority of Black-owned businesses are small, with 71% employing fewer than 10 workers. They are concentrated in urban areas, with the highest shares in D.C., Maryland, and Georgia. Black business owners are typically middle-aged, college-educated, and motivated by financial independence and flexibility.
Despite progress, Black entrepreneurs face challenges in scaling their businesses. Expanding access to capital and resources could further boost their economic impact and sustainability.
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